NATIONAL MINERAL DEVELOPMENT CORPORATION – POLITY
News: Amid financial crunch, Vizag steel
plant to lease out 1,400 acres of land to NMDC to gather funds
What's
in the news?
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The NMDC has put forth the proposal to
take 1,400 acres of land, located between the steel plant and Gangavaram port,
on lease to set up its pellets plant and stock yard.
Key
takeaways:
●
The Central public sector giant Rashtriya
Ispat Nigam Limited (RINL), popularly known as Visakhapatnam Steel Plant (VSP),
which has been facing a severe financial crunch, is contemplating to lease out
about 1,400 acres of land to another public sector giant National Mineral
Development Corporation (NMDC) to mobilise working capital to run the plant.
National
Mineral Development Corporation:
●
National Mineral Development Corporation
is an Indian state-controlled mineral
producer.
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It is a public sector enterprise under the Ministry of Steel of the Government of India.
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The company was established in 1958 to
explore and exploit mineral resources in India.
Headquarters:
Hyderabad, Telangana.
Works:
●
The company operates a number of mines and
ore processing plants in various parts of India.
●
NMDC is involved in the exploration of a
wide range of minerals, including iron ore, copper, rock phosphate, limestone,
dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach
sands, etc
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Also involved in the production of steel
and cement.
Objectives:
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Meeting the rising demands of the domestic
and foreign markets by increasing its mineral processing operations.
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To meet international value-added,
cost-effective and per capita income requirements.
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Rising iron ore output.
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To promote sustainability and corporate
social responsibility.
Functions:
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Exploration and mining of minerals
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Production of steel and cement
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Research and development
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Corporate social responsibility
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Infrastructure development
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Employee welfare